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PIREX Principal Real Estate Securities Inst

  • Fund
  • PIREX
  • Price as of: Aug 08, 2016
  • $25.04
  • + $0.04
  • + 0.16%
  • Category
  • Real Estate

PIREX - Profile

Vitals

  • YTD Return 12.3%
  • 3 Yr Annualized Return 15.6%
  • 5 Yr Annualized Return 13.5%
  • Net Assets $3.18 B
  • Holdings in Top 10 50.8%

52 WEEK LOW AND HIGH

$25.04
$19.87
$25.57

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.89%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 26.20%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Investment Themes

CATEGORY

Real Estate
  • Fund Type Open End Mutual Fund
  • Investment Style Real Estate

Distributions

  • YTD Total Return 12.3%
  • 3 Yr Annualized Total Return 15.6%
  • 5 Yr Annualized Total Return 13.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.53%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Principal Real Estate Securities Fund
  • Fund Family Name Principal Funds
  • Inception Date Mar 01, 2001
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Anthony Kenkel

Fund Description

The Principal Real Estate Securities Fund Institutional Class (PIREX) aims to provide investors with a high rate of total return through capital appreciation and dividends. PIREX does this by betting on a variety of domestic real estate-related equities. These include REITs, real estate developers, property managers and real estate brokers. The fund can invest across the entire market-cap spectrum and holds small-, mid- and large-cap stocks.

With its expenses below the category average, PIREX makes a prime core position in any portfolio. The fund is managed by Principal Management and is subadvised by Principal Real Estate Investors.

PIREX - Performance

Return Ranking - Trailing

Period PIREX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 12.3% -8.5% 15.8% 29.27% 2
1 Yr 20.0% -14.6% 34.3% 30.04% 2
3 Yr 15.6% * 5.6% 17.0% 4.19% 1
5 Yr 13.5% * 6.1% 14.1% 4.59% 1
10 Yr 8.1% * 2.7% 10.5% 7.73% 1

* Annualized


Return Ranking - Calendar

Period PIREX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -2.7% -23.9% 92.3% 37.28% 2
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

Total Return Ranking - Trailing

Period PIREX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 12.3% -8.5% 15.8% 30.51% 2
1 Yr 20.0% -19.4% 29.3% 24.11% 2
3 Yr 15.6% * 5.6% 17.0% 3.72% 1
5 Yr 13.5% * 6.1% 14.1% 3.57% 1
10 Yr 8.1% * 2.7% 10.5% 7.18% 1

* Annualized


Total Return Ranking - Calendar

Period PIREX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -2.7% -23.9% 92.3% 37.28% 2
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

NAV & Total Return History

PIREX - Holdings

Filings data as of: Jun 30, 2016

Concentration Analysis

PIREX Category Low Category High PIREX % Rank Quintile
Net Assets 3.18 B 3.39 M 67.3 B 3.95% 1
Number of Holdings 44 5 530 15.81% 4
Net Assets in Top 10 1.5 B 711 K 22.5 B 4.35% 1
Weighting of Top 10 50.8% 3.7% 179.8% 8.30% 2

Top 10 Holdings

  1. Simon Property Group Inc 11.62%
  2. Essex Property Trust Inc 4.48%
  3. Prologis Inc 4.42%
  4. Boston Properties Inc 4.16%
  5. Public Storage 3.24%
  6. AvalonBay Communities Inc 4.51%
  7. Equity Residential 4.01%
  8. General Growth Properties Inc 3.46%
  9. Equinix Inc 5.55%
  10. Welltower Inc 5.32%

Asset Allocation

Weighting Category Low Category High PIREX % Rank Quintile
Stocks
97.32% 1.09% 108.08% 18.18% 3
Cash
2.68% -121.66% 74.22% 9.49% 2
Other
0.00% -8.28% 108.20% 13.44% 3
Convertible Bonds
0.00% 0.00% 4.96% 3.16% 2
Preferred Stocks
0.00% 0.00% 41.93% 5.93% 3
Bonds
0.00% 0.00% 118.13% 4.35% 2

Stock Sector Breakdown

Weighting Category Low Category High PIREX % Rank Quintile
Real Estate
92.17% 0.00% 100.26% 20.16% 4
Communication Services
3.06% 0.00% 9.58% 4.74% 1
Technology
1.18% 0.00% 5.40% 1.98% 1
Consumer Cyclical
0.91% 0.00% 31.19% 12.65% 3
Financial Services
0.00% 0.00% 13.39% 4.74% 2
Healthcare
0.00% 0.00% 3.63% 5.53% 3
Energy
0.00% 0.00% 38.67% 2.37% 2
Industrials
0.00% -0.72% 11.94% 4.74% 2
Consumer Defense
0.00% 0.00% 0.89% 1.98% 2
Utilities
0.00% 0.00% 16.80% 1.98% 2
Basic Materials
0.00% -0.07% 10.11% 10.67% 3

Stock Geographic Breakdown

Weighting Category Low Category High PIREX % Rank Quintile
US
96.14% 1.00% 107.43% 20.16% 4
Non US
1.18% 0.00% 43.95% 5.14% 1

PIREX - Expenses

Operational Fees

PIREX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.89% 0.10% 11.43% 47.83% 1
Management Fee 0.82% 0.07% 1.31% 6.32% 4
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.01% 0.40% N/A N/A

Sales Fees

PIREX Fees (% of AUM) Category Low Category High PIREX Rank Quintile
Front Load N/A 3.50% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

PIREX Fees (% of AUM) Category Low Category High PIREX Rank Quintile
Max Redemption Fee N/A 0.75% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PIREX Fees (% of AUM) Category Low Category High PIREX Rank Quintile
Turnover 26.20% 2.28% 880.00% 19.37% 2

PIREX - Distributions

Dividend Yield Analysis

PIREX Category Low Category High PIREX % Rank Quintile
Dividend Yield 0.3% 0.00% 3.78% 37.66% 3

Dividend Distribution Analysis

PIREX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

PIREX Category Low Category High PIREX % Rank Quintile
Net Income Ratio 1.53% -1.42% 10.00% 28.85% 2

Capital Gain Distribution Analysis

PIREX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

PIREX - Managers

Anthony Kenkel

Manager

Start Date

Jun 15, 2012

Tenure

4.13

Tenure Rank

14.1%

Anthony Kenkel, CFA, FRM - Portfolio Manager Anthony is a portfolio manager for Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors. He is responsible for the investment analysis of real estate investment trust companies and is a member of the real estate securities portfolio management team. Anthony joined Principal in 1997. In 2000, he became a real estate consultant for Arthur Andersen before joining GATX Corporation as a senior financial analyst in 2002. Anthony rejoined Principal in 2005 in his current position. He received a bachelor's degree in finance from Drake University and an MBA from the University of Chicago Graduate School of Business. Anthony has earned the right to use the Chartered Financial Analyst and Financial Risk Manager designations.


Keith Bokota

Manager

Start Date

Nov 22, 2013

Tenure

2.69

Tenure Rank

16.9%

Keith is an associate director of real estate securities portfolio management for Principal Real Estate Investors Real Estate, the dedicated real estate group of Principal Global Investors. He is responsible for analyzing real estate investment trusts and is a member of the real estate securities portfolio management team. Keith joined the firm in 2007 as an analyst and moved to his current position in 2013. Before joining Principal Real Estate Investors, Keith worked as an analyst for Jones Lang LaSalle. Keith received his bachelor’s degree in finance and international business from Georgetown University and has earned the right to use the Chartered Financial Analyst designation.


Kelly D. Rush

Manager

Start Date

Dec 06, 2000

Tenure

15.66

Tenure Rank

2.9%

Kelly D. Rush, CFA - Head of Real Estate Securities As head of real estate securities, Kelly directs the domestic and global real estate investment trust (REIT) activity for Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors. He has experience in both separate account and pooled fund management, and has been managing real estate stock portfolios since 1997. Previously, Kelly was responsible for analyzing and recommending investments in bonds issued of public real estate companies and mortgage loans provided to them. He has been with the real estate investment area of the firm since 1987. Kelly received an MBA in business administration and a bachelor's degree in finance from the University of Iowa. He has earned the right to use the Chartered Financial Analyst designation. Kelly is a member of the Iowa Society of Financial Analysts and the CFA Institute.


Tenure Analysis

Category Low

0.1

Category High

22.6

Category Average

7.02

Category Mode

1.6